Larson Unit 7

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  1. a theory that a morgage is a conveyance of title
    title theory
  2. an instrument that establishes a promise to repay a debt
    promissory note
  3. a contract that pledges real property as security for replayment of a debt
  4. the mortgage clause in which the mortgagee agrees to step down in priority to a subsequent mortgage
  5. the mortgage clause stating that upon full performance by the mortgagor the lien will be defeated
  6. the certificate given by the morgagee to an assignee that verifies the current unpaid balance
  7. the mortgage clause that allows the lender to call the entire balance due in full in the event of default by the mortgagor
  8. the mortgagor's right to cure the default and stop the foreclosure sale
    equitable redemption
  9. the document conveying the foreclosed mortgagor's interest to the holder of the certificate of sale
    certificated of title
  10. the maximum percentage of value the lender will loan
    loan-to-value ratio
  11. charges by the lender, computed as a percentage of the amount borrowed, to increase the lenders yield
    discount points
  12. the difference between current market value and current debt
  13. a final lump-sum payment that is larger than previous payments
  14. a mortgage in which payments include PITI
    Budget mortgage (principle, interest, taxes and insurance)
  15. a mortgage in which the interest rate is subject to change
    adjustable rate
  16. a mortgage that pledges both real and personal property
  17. a mortgage that pledges more than one parcel of real estate and should include a partial release provision
  18. the process by which lenders analyze the risk associated with a loan
Card Set
Larson Unit 7
Real Estate Financing
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